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Torremolinos town hall reduces municipal debt by 35 per cent in five years

Torremolinos town hall reduces municipal debt  by 35 per cent  in five years
/ SUR
  • Since coming to power in 2015, socialist mayor José Ortiz and his coalition council has repaid an average of 14 million euros annually

Torremolinos town hall has announced that the municipal debt generated by the previous PP administration led by former mayor Pedro Fernández Montes has been reduced by 35 per cent in the last five years, lowering the figure from 197 million to 128 million euros.

Since coming to power in 2015, socialist mayor José Ortiz and his coalition council has repaid an average of 14 million euros annually, more than one million a month.

Repayment of the remainder of the debt is expected to take another nine years.

Deputy mayor Maribel Tocón said, "Despite having to allocate more than one million euros a month for the debt, which generates cash tensions, initiatives aimed at improving the lives of our residents and visitors have not stopped. Likewise, taxes have been lowered, and this demonstrates the good management of the Torremolinos town hall despite these difficult times, which have been intensified by the economic, social and health crisis caused by Covid-19."